British insurer Aviva has launched a financial advisory firm in Singapore known as Aviva Financial Advisers.
The new firm will provide advice on a range of life, health, general insurance, and investment products, and will comprise about 280 financial advisors.
Commenting on the new launch, Aviva Singapore CEO Nishit Majmudar said: “We hope this move will provide the catalyst for the shift of Singapore’s insurance industry towards more mature markets such as the UK and Australia, where most financial advisers offer solutions from multiple product providers.”
The advisory firm will offer a suite of Aviva solutions across life, health and general insurance alongside investment products, as well as will also offer customers access to a range of products from other trusted providers.
Last year, the company launched a web aggregator for insurance products that helps consumers to compare life insurance products from different providers. The tool, launched as part of a comprehensive evaluation of the financial advisory industry, is aimed at helping consumers make informed decisions.
Aviva said the launch of the new financial advisory firm in Singapore is aligned with this initiative.
“The launch of Aviva Financial Advisers marks an important milestone for Aviva, and signals our strong conviction that the Financial Advisory (FA) channel will dominate the future of insurance. Among all distribution channels, FA firms are best placed to deliver quality holistic financial planning services to their customers,” Majmudar stated.